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First Quarter 2021 Presentation – Chesapeake Energy Corp

Chesapeake Energy Corp · May 12, 2021 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 1
    Consistent Returns, Sustainable Future 1Q 2021 Earnings May 12, 2021
  2. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 2
    Chesapeake Today: A Fundamentally Different Company World-class natural Strong Built to generate Disciplined capital gas assets, with oil Committed to balance sheet sustainable reinvestment optionality and ESG and safety with low…
  3. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 3
    Chesapeake Value Drivers Maintain balance sheet strength Returning cash…
  4. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 4
    Starting Strong: 1Q Highlights Adjusted EBITDAX Balance Sheet Cash 510mm 340mm Strong projected FCF and 500mm as of April 30, 2021 cash return on capital invested for 2021 and 2022 Free Cash Flow(2) 329mm Current net debt to…
  5. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 5
    Restored Balance Sheet Significant liquidity Post-petition (mm) 2.5B borrowing base at exit 1.7B available today 500 500 Expected substantial FCF targeted to maintain an undrawn revolver through year-end 2021 Cash flow…
  6. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 6
    Balance Sheet Improved vs. IG Peers 3.5 3.50x 2021 Estimated Net Debt(1) / EBITDAX 3.00x 3.0 2.5 2.50x 2.0 2.00x 1.50x 1.5 1.00x 1.0 0.6x 0.50x 0.5 0.0- x EOG CHK CHK XEC COG COP PXD DVN MRO CLR AR OVV…
  7. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 7
    Fundamentally Resetting Our Cost Structure G&A GP&T 285mm 65mm decreased decreased 213mm 45% 36mm 25% 1Q'20 1Q'21 1Q'20 1Q'21 1Q20 vs. 1Q21 LOE Adjusted EBITDAX/boe decreased 122mm produced increased 13.08 41% 72mm 7%…
  8. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 8
    Deep Portfolio: Diversified Positions Across Multiple Basins 21E ACTIVITY 1Q21 PRODUCTION APPALACHIA 436 mboe/d 540,000 net acres 40% WI / 35% NRI 3 active rigs / 65 wells drilled 700 750 cost/lateral foot Appalachia: 1,261…
  9. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 9
    Appalachia: Overview Miles 0 4 8 Acres PDP Well Count PDP Decline 1Q21 Activity 540,000 Op: 963 2020 TILs: 53% Wells drilled: 16 40% WI, 35% NRI Non-Op: 292 Field: 23% (5-yr avg) Wells TILd: 18 2021E Production Outlook…
  10. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 10
    Gulf Coast: Overview Acres PDP Well Count PDP Decline 1Q21 Activity 225,000 Op: 568 2020 TILs: 62% Wells drilled: 5 80% WI, 65% NRI Non-Op: 145 Field: 22% (5-yr avg) Wells TILd: 3 2021E Production Outlook 2021E EBITDAX Outlook…
  11. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 11
    South Texas: Overview Acres PDP Well Count PDP Decline 1Q21 Activity 220,000 Op: 2,043 2020 TILs: 59% Wells drilled: 0 60% WI, 45% NRI Non-Op: 119 Field: 16% (5-yr avg) Wells TILd: 3 2021E Production Outlook 2021E EBITDAX…
  12. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 12
    Brazos Valley: Overview Acres PDP Well Count PDP Decline 1Q21 Activity 420,000 Op: 826 2020 TILs: 62% Wells drilled: 0 95% WI, 75% NRI Non-Op: 190 Field: 19% (5-yr avg) Wells TILd: 6 2021E Production Outlook 2021E EBITDAX…
  13. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 13
    Powder River Basin: Overview Miles 0 4 8 Acres PDP Well Count PDP Decline 1Q21 Activity 190,000 Op: 300 2020 TILs: 58% Wells drilled: 0 85,500 (Federal) 80% WI, 65% NRI Non-Op: 40 Field: 18% (5-yr avg) Wells TILd: 0 2021E…
  14. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 14
    Leading a Responsible Energy Future 2019 Methane Intensity Our path to achieving net-zero direct GHG emissions by 2035 volume methane emissions/volume gross gas produced 1.2% Environmental Stewardship 0.8% Eliminate routine flaring…
  15. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 15
    CHKs RSG Pilot with Project Canary/IES TrustWell Currently engaged with IES TrustWell (Project Canary) to conduct a pilot project on two pad locations in both the Haynesville and Appalachia Plays To date, IES TrustWell has certified…
  16. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 16
    Appendix 1Q 2021 Earnings May 12, 2021 17
  17. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 17
    Hedging Program Reduces Risk, Protects Returns AVERAGE HEDGED PRICE FY 2021 2022 Gas (/mcf) 2.67 2.52 76% 79% Oil (/bbl) 42.62 44.30 66% 45% NATURAL GAS OIL SWAPS COLLARS SWAPS Volume Avg. Price Volume Avg. Put Avg. Call…
  18. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 18
    Hedged Basis Projection As of 5/10/2021 APPALACHIA NATURAL GAS HEDGES (1) BASIS TRANSPORT SPREAD TOTAL APPALACHIA TETCO M3 TGP Z4 300L LEIDY TETCO M3 LEIDY Avg. Avg. Avg. Avg. Avg. Avg. Volume % of Price Volume % of Price…
  19. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 19
    Gas Assets: Appalachia and Gulf Coast 1Q21 Production: 1Q21 Production: 1,261 mmcf/d (0.50)/mcf annual average 532 mmcf/d (0.18)/mcf annual average in-basin to NYMEX pricing in-basin to NYMEX pricing Gas 100% Gas 100% Premium…
  20. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 20
    South Texas 1Q21 Production: 73 mboe/d +0.15/mcf, +0.30/bbl oil, and +0.15/bbl NGL annual average in-basin to NYMEX pricing NGL 18% Eliminated processing and crude MVCs, only gas gathering MVCs remain 55% Oil Gas 27% Gas GP&T…
  21. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 21
    Brazos Valley 1Q21 Production: 41 mboe/d (0.50)/mcf, (0.75)/bbl oil, and (8.30)/bbl NGL annual average in-basin to NYMEX pricing NGL 9% Gas 15% Eliminated all MVCs 76% Oil Gas GP&T (/mcf) Oil GP&T (/bbl) 0.06 2.00 0.05…
  22. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 22
    Powder River Basin 1Q21 Production: 23 mboe/d (0.05)/mcf, (2.25)/bbl oil, and (4.15)/bbl NGL annual average in-basin to NYMEX pricing NGL 15% MVC/EBITDAX recoupment converted to straight MVC, four years, 90% of PDP 43% Oil Gas…
  23. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 23
    Reserves Update 20% YE20 SEC PV-10 (mm) 802 mmboe 6% 8,000 Proved PUD 74% 7% PUD 6,943 7,000 985 6,000 15% 5,000 Oil 6% 1Q21 SEC 4,000 3,087 3,343 NGL 1,099 mmboe 3,000 111 480 5,958 Gas 79% 29% PUD 2,000 2,976 2,863 1,000…
  24. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 24
    Reconciliation of Net Income (loss) to Adjusted EBITDAX (unaudited) Non-GAAP Successor Predecessor Combined Predecessor Period from Period from Three Three February 10, January 1, Months Months 2021 through 2021 through Ended Ended…
  25. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 25
    Reconciliations of Free Cash Flow and Net Debt FREE CASH FLOW Non-GAAP Successor Predecessor Combined Predecessor Period from Period from Three Three February 10, January 1, Months Months 2021 through 2021 through Ended Ended…
  26. First Quarter 2021 Presentation – Chesapeake Energy Corp – slide 26
    Managements Outlook as of May 11, 2021 Year Ending 12/31/2021 Total production: Oil mmbbls 23.0 25.0 NGL mmbbls 6.5 8.5 Natural gas bcf 715 735 Total daily rate mboe per day 410 420 Estimated basis to NYMEX prices, based on…

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